Fincantieri, approved the first half financial statements at June 30, 2022

Consolidated 1H 2022 results

▪ Revenues1 at euro 3,510 million, increased by 16% compared to 1H 2021 (euro 3,026 million) and in line with expected backlog deployment

▪ EBITDA2 at euro 90 million (euro 219 million in 1H 2021) with an EBITDA margin at 2.6% excluding pass through activities (vs 7.2% in 1H 2021)

▪ Adjusted net income3 negative at euro 94 million (positive at euro 49 million in 1H 2021)

▪ Net income negative at euro 234 million (positive at euro 7 million in 1H 2021), due to extraordinary and non-recurring expenses (euro 156 million). The results are hit by (i) the effects of a strategic review of the Infrastructure business, (ii) the valuation of raw materials prices impact on whole-life costs of shipbuilding projects, (iii) the write-off of some financial assets, and (iv) the goodwill impairment for the Norwegian subsidiary Vard and the US subsidiary Fincantieri Marine Group

▪ Net financial position4 negative at euro 3,296 million (euro 2,238 million on December 31, 2021), consistent with first half production volumes and the delivery schedule with 5 cruise ships in the second half of the year. NFP is influenced by the strategy implemented by the Group to support shipowners, following COVID-19 outbreak
Operations

▪ Total backlog5 with 113 ships, at euro 34.6 billion, approximately 5.2 times 2021 revenues excluding pass-through activities, of which:

- Backlog: euro 24.1 billion and 93 ships to be delivered up to 2029

- Soft backlog: approximately euro 10.5 billion

▪ Record-high production volumes led by the hefty backlog and the progress of specific cruise contracts, for a total amount of 8.6 million production hours vs 8.4 million in 1H 2021

▪ 8 ships delivered from 5 shipyards during 1H 2022 with 5 more cruise ships to be delivered in 2H 2022

▪ Cruise order resumption: a Memorandum of Agreement for 2 hydrogen-powered cruise ships and a contract for an ultra-luxury cruise ship signed in July

▪ Fincantieri Marinette Marine: option for the Constellation 3rd unit exercised by the US Navy

▪ VARD: additional 2 CSOV6 ordered by Norwind Offshore confirming the market leadership in vessels production in the offshore wind industry

Sustainable growth

▪ Sustainable finance: after the first “sustainability linked” credit line of euro 700 million granted by BNP Paribas, Fincantieri signed a “sustainability linked” revolving credit facility with Intesa Sanpaolo for a maximum amount of euro 500 million ▪ GHG emissions reduction: Fincantieri to install 22,000 solar panels in five Italian production sites for a total capacity of about 10 MW

▪ Green Innovation: Memorandum of Agreement for two additional luxury cruise ships featuring next generation liquefied natural gas (LNG) engines and equipped with industry first environmental technologies and solutions

▪ Energy transition: Fincantieri is taking part to the IPCEI (Important Project of Common European Interest) for a project aiming to develop hydrogen energy, which will be financed by the European Commission for a total of euro 5.4 billion, of which euro 1 billion to Italy

▪ Earth Explorer: Fincantieri NexTech to develop and install the Biomass Calibration Transponder (BCT) for the European Space Agency to be deployed in the Earth Explorer mission

▪ Fincantesimo: inaugurated the first corporate nursery in Trieste, providing care for 38 Fincantieri employees’ and suppliers’ children

Sustainability Ratings & Awards

▪ CDP assigned the A- score to the Group on a scale ranging from A to D, recognizing the commitment in fighting Climate Change, and an A- score for the Supplier Engagement Rating (SER)

▪ Sustainalytics for the first time placed Fincantieri within the “Low Risk” range and 6th out of 121 companies in the Heavy Machinery and Trucks basket

The Board of Directors of FINCANTIERI S.p.A. (“Fincantieri” or the “Company”), chaired by General Claudio Graziano, has approved the first half financial statements at June 30, 2022, prepared in accordance with international financial reporting and accounting standards (IFRS).

Pierroberto Folgiero, Fincantieri Chief Executive Officer and Managing Director, commented: “Second quarter results are negatively affected by the impacts of a strategic review of the non-core business portfolio, by the surge in raw materials prices caused by the Russian-Ukrainian conflict, and by other non-recurring items.

In the upcoming months, we will be fully committed in the core business, benefitting from the expected growth in Defence and the resumption of the cruise market. New digital and green solutions will strengthen even more Fincantieri leadership within the international shipbuilding industry. Furthermore, we will pursue with great dedication those industrial projects fostering operational excellence both in Italy and abroad, while investing in our human capital.”